陕西旅游：拟首发募资加码文旅主业 打造全方位休闲旅游服务商 12月22日申购

Core Viewpoint - The company aims to optimize its capital and financial structure through fundraising, enhance its competitive strength, improve service quality, and expand its tourism project offerings to support long-term growth and provide better returns to investors [1]. Fundraising Allocation - The total investment for the fundraising projects is approximately 1.857 billion, with specific allocations including: - Taishan Xiucheng Phase II construction project: 834.11 million - Shaanxi Shaohua Mountain National Forest Park South Line Cableway project: 300 million - Taihua Cableway Comprehensive Service Center project: 81.83 million - Taihua Cableway Visitor Service Center renovation project: 49 million - Acquisition of Shaanxi Taihua Tourism Cableway Co., Ltd. equity: 370 million - Acquisition of Shaanxi Yaoguang Pavilion Performing Arts Cultural Co., Ltd. equity: 147 million - Acquisition of Shaanxi Shaohua Mountain Tourism Development Co., Ltd. cableway assets: 75.7 million [2]. Business Overview - Shaanxi Tourism primarily operates in tourism performance, cableway services, and tourism dining, positioning itself as a leading enterprise in the "scenic area + cultural tourism" sector, aligning with the characteristics of major blue-chip companies [2]. Future Strategy - The company plans to capitalize on the rapid development of China's tourism industry by focusing on core businesses such as performance and cableway services, improving service levels, and expanding its market presence both within Shaanxi Province and nationwide [3]. Issuance Overview - The company plans to issue 19.33 million shares at a price of 80.44 yuan per share, with an expected total fundraising amount of 1.555 billion yuan and a price-to-earnings ratio of 12.37 [4]. Historical Revenue and Profit - Historical revenue and net profit data indicate fluctuations, with total revenue reaching approximately 1.2627 billion and net profit of 365 million in recent years, reflecting a growth trend [5]. Revenue Composition - For 2024, the revenue composition includes: - Tourism performance revenue: 738.6 million - Cableway revenue: 473.5 million - Dining revenue: 42.2 million [6][7]. Cash Flow and Financial Metrics - As of 2024, the net cash flow from operating activities was 664 million, showing a year-on-year increase of 4.19%. However, for the first three quarters of 2025, this figure decreased to 532 million, down 23.63% year-on-year [21]. Asset and Liability Changes - As of the end of the third quarter of 2025, significant changes in assets include a 36.15% increase in cash and cash equivalents, while long-term borrowings decreased by 19.02% [34][37]. Shareholder Structure - As of November 8, 2025, the largest shareholder is Shaanxi Tourism Group Co., Ltd., holding 47.59% of the shares, followed by other investment funds [52].